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ASX ends day higher despite fears of NSW lockdown –

ASX ends day higher amid fears of second major lockdown for NSW



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Australian stocks ended the day higher despite fears Sydney could be plunged into a second COVID-19 lockdown.The benchmark S&P/ASX200 finished the session up 58 points, or 0.98 per cent, to 5977.5, while the broader All Ordinaries index rose 53 points, or 0.9 per cent, to 6089.3.
Gains were also made by the Australian dollar, which finished up 0.44 per cent to US69.78 cents.
Threats of the Victorian lockdown spilling over to New South Wales has prompted market researchers at ANZ to forecast a potential setback to the country’s economic recovery.
Ahead of June employment figures released by the Australian Bureau of Statistics, ANZ is expecting the unemployment for the third quarter to increase to 7.7 per cent.
“We also think there will be more businesses that decide they can’t hold on during another lockdown and a flow-on impact to the labour market too,” ANZ Research said.
Financials and the material sectors both closed higher, with major banks making strong gains at the close.
Commonwealth Bank closed the day up 2.3 per cent to $72.24 per share, while Westpac shares ended the session 1.6 per cent higher to $17.94 each.
ANZ was up 1.8 per cent to $18.62 per share, while NAB closed the day up 1.8 per cent to $18.18 per share.
BHP rose 2.2 per cent to $36.97 per share, while rival Rio Tinto edged 1.9 per cent higher to close the day at $99.89 each.
Mining group South32 also experienced a considerable upswing with its stock rising 4.4 per cent to $2.13 per share.
Platinum management had the largest share price surge of the day, rising 6.8 per cent to $3.95 each. Virgin Money UK also experienced a considerable rise, upping its stock price by 5.4 per cent to $1.75.
Healthcare company Avita Theraputics incurred the largest drop, with its share price falling by 9.4 per cent to $7.14 each.
Major commercial property companies ended the session on a positive note, despite latest figures by a JLL report showing shopping mall vacancies were at a 20-year high.
Scentre Group, which is the owner of Westfield, ended the session up 1.65 per cent to $2.16 per share, while co-owners of the Chadstone shopping mall, Vicinity Centres, nudged 1.1 per cent higher to $1.34 per share.
Woolworths rose slightly by 0.1 per cent to $38.55 each, while Wesfarmers closed the day up 1.34 per cent to $46.10 per share.

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